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Microchip Technology (MCHP) Stock Advances in After-Hours Trading On Q1 Earnings Beat

NEW YORK (TheStreet) -- Shares of Microchip Technology (MCHP) were higher in after-hours trading on Monday as the Chandler, AZ-based semiconductor company reported better-than-expected 2017 first quarter earnings.

After today's closing bell, Microchip Technology posted earnings of 84 cents per share, surpassing analysts' projected 74 cents per share. Revenue came in at $799.4 million, missing analysts expectations of $821.41 million.

Last year, the company reported earnings of 74 cents per share and $533.95 million in revenue for the first quarter.

Microchip purchased chip...